Singapore Plant Protein Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Source (Pea, Rapeseed, Soy, Hempseed, Others), By Form (Protein Concentrates, Protein Isolates, Protein Hydrolysate), By Application (Dietary Supplement, Food and Beverages, Pharmaceuticals, Animal Feed), And By Distribution Channel (Online, Offline) - Forecasts From 2022 To 2027

The Singapore plant protein market is projected to grow at a CAGR of 4.27%, from US$4.794 million in 2020 to US$6.424 million in 2027.

The consumption of premium protein products such as pea and soy-based protein is increasing among the younger population and middle-aged populations, which is being facilitated by the increased propensity to spend among the middle-income and lower-income populations due to the rising disposable income. In addition, the growing popularity of soy and pea protein as a complete and efficient protein source is leading to its gaining popularity and traction among the geriatric population, which is another factor that is contributing to the further boost in the market growth over the forecast period.

Major developments by key market players will propel market growth

Furthermore, the positive involvement and contributions of market players to boost the market’s growth over the forecast period, increase their market share, and maximize their profits is being facilitated by their offering products, and industry collaborations. For instance, recently, in February 2020, Bühler, one of the leading companies providing food processing technology, and Givaudan, one of the leading companies dealing with the provision of flavours and fragrances, announced that they are collaborating in order to facilitate the development of an Innovation Center located at Givaudan’s Woodlands site. This centre is going to cater to the rising demand for plant-based protein foods in Singapore.

The new centre is set to open later in 2020 and will be a facility that will host food processing companies, startups, and scientific researchers in order to facilitate the development of new plant-based products containing plant proteins. The main objective behind the development of this innovation centre is to deal with the upcoming climate change challenges and changes in nutritional requirements. Bühler will also be involved in the provision of extrusion and processing equipment, as well as the development of new and novel plant-based protein products. In January 2020, Right Treat, a company dealing with the provision of food technology that is a subsidiary of Green Monday, a retailer based in Hong Kong, announced its product, OmniMeat. It is a popular plant-based meat substitute sourced from pure plant ingredients such as pea and soy, among others, that has started to be sold in various restaurants and hotels in Singapore.

Increased inclination towards online distribution channels

By distribution channels; the market has been segmented into online and offline.  The online distribution channel is projected to hold a notable share of the market throughout the forecast period and beyond. This is attributable to the fact that there is an increase in the number of individuals among the middle-aged population and young population who are shopping for plant-based products and plant proteins such as supplements and grocery and bakery items, as there are lucrative discounts offered and shopping can be done in the comfort of their homes. In addition, the provision of top-class internet facilities and good internet speeds is contributing to the peak in online sales even more.

The rising demand for plant-based foods is bound to propel market growth. 

The growing demand number of plant-based offerings is bound to increase the consumption of proteins in the country proportionally. For instance, in November 2021, leading plant-based alternatives manufacturer Growthwell Foods launched its R&D and manufacturing centre in Singapore. This facility houses the country's first-ever completely automated mass production for plant-based offerings. Its high moisture extrusion line possesses the capacity to manufacture 4000 metric tons per annum. The facility will be mainly working and producing the group's plant-based offering range, HAPPIEE! The chicken nuggets of this series are made from ChickP's chickpea isolate. Similarly, in August 2021, leading animal and human nutrition developers ADM, and NTUitive launched a challenge based on plant-based offerings to promote plant-based meat alternatives. Such developments are anticipated to drive market growth.  

Key Developments in the market

• In March 2022, US-based alternative protein innovative, Eat Just announced the commencement of construction of its allegedly largest plant-based protein factory in the country. The factory is expected to become functional within two years. The new Eat Just facility will increase Singapore's food security by yearly producing thousands of tonnes of alternative protein. Proterra Asia and other investors contributed $120 million to the construction of the new factory. 
• In March 2021, Israel-based start-up ChickP opened a new office in Singapore amid the increasing demand for plant-based products in the country. According to the start-up, the new office housed a warehouse to tackle the supply chain disruptions witnessed amid the pandemic. In November 2020, the firm applied patent for its chickpea protein isolate in the country. 

COVID-19 Impact

COVID-19 had a significant impact on the Singapore plant-based protein market. The emergence of the pandemic induced a paradigm shift, wherein the consumers became more health and hygiene conscious and subsequently began consuming a high proteinaceous diet, increasing the demand for plant-based protein.

Segmentation

• By Source
  • Pea
  • Rapeseed
  • Soy
  • Hempseed
  • Others
• By Form
  • Protein Concentrates
  • Protein Isolates
  • Protein Hydrolysate
• By Application
  • Dietary Supplement
  • Food and Beverages
  • Pharmaceuticals
  • Animal Feed
• By Distribution Channel
  • Online
  • Offline

DuPont

Roquette Frères

The Scoular Company

ADM

Ingredion Incorporated

Lushprotein